``According to Bloomberg, senior bondholders and depositors over the insured limit will face losses of approximately 41%... For two years, central bankers and government finance ministers (who know next to nothing) have been claiming that the sky will fall and there will be tanks in the streets if bondholders are forced to take losses. Clearly that is not the case. First Iceland, then Denmark, then Ireland. After that, the race is on. ''

the rich just aren't going to ride off into the sunset this time with all the money............Depression means everyone is invited.........when the munis fail it will be the same shock..(after all the warnings that cities, counties and states are broke)........and anyone not hurt won't give a damn about them...... Permalink